Closing on a new home can be a stressful process, we’ve prepared a list of 5 important things to check before you go to the closing table to sign the final documents and pick up the keys to your new home:
- Check that the title is clear
- Review all contingencies in your contract
- Go over your your closing disclosure one last time
- Finalize your mortgage approval
- Complete a final walk-through
Here’s a closer look at each.
Pre-Closing Step #1: Check that the title is clear
Purchasing Title Insurance to make sure there are no problems that could affect your ownderhip of the home is usually required by your lender. There are two types of title insurance – one that protects only the lender and one that protects only the new homebuyer. They will want the type that protecs them but it is always a good idea to also include the type that protects you, too. This way you are fully protected if someone tried to challenge your ownership in the future.
Pre-Closing Step #2: Review all of the contingencies in your contract
Many purchase contracts have a few contingencies added into them. These are just requirements that must be met before the deal can be completed. Often they can be things like repairs, inspections and appraisals. Double check your real estate contract to make sure that both you AND the seller have met all of the agreed items before you sign the final paperwork that turns over ownership of the home to you.
Pre-Closing Step #3: Go over your your closing disclosure one last time
Your lender will give you a Closing Disclosure that explains your financial obligations. It will outline things like how much your monthly payment will be, interest rates, loan terms and all of the closing costs you will have to pay. Have your Loan Estimate document handy so you can compare both and ask your lender to explain any discrepancies or questions you might have.
Pre-Closing Step #4: Finalize your final mortgage approval
By the time you reach the closing table your mortgage should be officially approved but it is always good to check ahead of time to avoid delays. Your lender should have provided you with an official approval showing that they agree to lend you the money to purchase the home. This is important because without this final approval you might show up to the closing table and not be able to close or take possession of your new home.
Pre-Closing Step #5: Complete a final walk-through
A final walk-through is an important step not to skip before closing. This will give you the opportunity to visually make sure the seller has not left anything on the property that you have to later clean up and that all repairs and upgrades have been completed. You will also want to check that no fixtures or appliances that were included in your contract were removed before the seller moved out.
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Newest Homes for Sale in Dubois County
View the newest homes listed in Dubois County in the last 10 days:
302 N Geiger Street Huntingburg, Indiana
3 Beds 2 Baths 1,890 SqFt 0.178 Acres
Listing courtesy of Stacey Thieman-Wright from THIEMAN REALTY.
11040 E Purdue Farm Road Dubois, Indiana
3 Beds 1 Baths 1,776 SqFt 9.099 Acres
Listing courtesy of Dara O'Neil from F.C. TUCKER EMGE.
8116 State Road 56 Dubois, Indiana
3 Beds 1 Baths 1,024 SqFt 1.120 Acres
Listing courtesy of Brenda Krempp from RE/MAX Local.